Saba Capital Management and Cox Capital Partners are initiating cash tender offers for Blue Owl Capital’s business development companies, aiming to ease redemption constraints amid rising liquidity concerns in the private credit sector.
Saba Capital Management and Cox Capital Partners have announced plans to make cash tender offers for shares in three Blue Owl Capital business development companies, moves that seek to relieve retail holders confronting constrained secondary liquidity and recent payout limits.
The firms filed preliminary notices with Blue Owl Capital Corporation II (OBDC II), Blue Owl Technology Income Corp. (OTIC) and Blue Owl Credit Income Corp. (OCIC), and intend to formally launch the offers after each mandatory 10-business-day notice period concludes. According to AltsWire, the prospective purchase prices are expected to be set roughly 20% to 35% below the most recent estimated net asset values or dividend reinvestment prices for the respective BDCs, and the buyers plan to pay exclusively in cash.
The transaction arrives amid mounting redemption pressures across the BDC sector. Industry reporting and legal summaries note several quarters of net outflows, a spike in investor requests to redeem shares and increased reliance on redemption gates that restrict withdrawals. Bloomberg Law has also flagged broader concerns about vulnerabilities in the private credit market, a backdrop that has heightened scrutiny of liquidity options for regulated credit vehicles.
Saba, the credit-focused firm founded by Boaz Weinstein, is known for relative-value and arbitrage strategies; Cox Capital specialises in secondary-liquidity solutions for illiquid retail products such as non-traded REITs and interval funds. Both firms described the proposed offers as a liquidity solution for holders who might otherwise face limited exit routes.
The notice filings follow a related asset sale announced last week in which OBDC II, OTIC and Blue Owl Capital Corporation agreed to sell about $1.4 billion of direct-lending positions to four North American public pension and insurance investors. Sources said those loans traded at 99.7% of par, aligning closely with the funds’ internal valuation marks. OBDC II is disposing of roughly $600 million of loans , about a third of its portfolio , and its board has signalled an intention to use proceeds to fund a return-of-capital distribution of up to $2.35 a share, representing approximately 30% of net asset value as of 31 December 2025; the distribution is expected by 31 March 2026, subject to board approval.
Market participants welcomed any additional paths to liquidity but cautioned that steep discounts in the tender offers reflect underlying illiquidity and investor willingness to accept haircuts for immediate cash. The eventual terms and scale of any repurchases will be disclosed in the formal tender-offer documents. For now, the initiative underscores growing secondary-market activity as investors and sponsors search for mechanisms to manage redemptions and recalibrate capital structures in a stressed segment of the private-credit ecosystem.
- https://altswire.com/saba-capital-cox-capital-plan-tender-offers-for-blue-owl-bdcs/ – Please view link – unable to able to access data
- https://www.sahmcapital.com/news/content/saba-capital-management-cox-capital-partners-issue-notice-to-blue-owl-capital-corporation-ii-blue-owl-technology-income-corp-blue-owl-credit-income-corp-for-commencing-tender-offer-to-acquire-part-of-their-outstanding-shares-in-cash-2026-02-20 – Saba Capital Management and Cox Capital Partners have announced their intention to commence tender offers for shares of several Blue Owl Capital business development companies (BDCs). The firms submitted initial notices to Blue Owl Capital Corporation II (OBDC II), Blue Owl Technology Income Corp. (OTIC), and Blue Owl Credit Income Corp. (OCIC). These tender offers aim to provide liquidity solutions to retail investors amid a significant increase in BDC redemption requests and multiple quarters of net outflows. The offer price is expected to be set at a 20% to 35% discount to the most recent estimated net asset value or dividend reinvestment price for each BDC, with purchases to be made exclusively in cash. Saba Capital, founded by Boaz Weinstein, specializes in credit relative value and arbitrage strategies, while Cox Capital focuses on secondary liquidity solutions for non-traded and private investments, including real estate investment trusts and interval funds. By launching these offers, the firms aim to provide a liquidity solution for investors who may otherwise be subject to redemption gates or lack an active secondary market for their shares.
- https://www.sahmcapital.com/news/content/brief-saba-capital-management-submitted-notice-to-blue-owl-capital-corporation-ii-on-february-17-2026-2026-02-20 – Saba Capital Management and Cox Capital Partners have disclosed their intention to commence tender offers for shares of several Blue Owl Capital business development companies (BDCs). The firms submitted initial notices to Blue Owl Capital Corporation II (OBDC II), Blue Owl Technology Income Corp. (OTIC), and Blue Owl Credit Income Corp. (OCIC). These tender offers aim to provide liquidity solutions to retail investors amid a significant increase in BDC redemption requests and multiple quarters of net outflows. The offer price is expected to be set at a 20% to 35% discount to the most recent estimated net asset value or dividend reinvestment price for each BDC, with purchases to be made exclusively in cash. Saba Capital, founded by Boaz Weinstein, specializes in credit relative value and arbitrage strategies, while Cox Capital focuses on secondary liquidity solutions for non-traded and private investments, including real estate investment trusts and interval funds. By launching these offers, the firms aim to provide a liquidity solution for investors who may otherwise be subject to redemption gates or lack an active secondary market for their shares.
- https://news.bloomberglaw.com/mergers-and-acquisitions/boaz-weinsteins-saba-cox-launch-tender-offer-for-blue-owl-bdcs – Saba Capital Management, led by Boaz Weinstein, and Cox Capital Partners have launched tender offers for shares in Blue Owl Capital Inc.’s business development companies (BDCs). The offer price is expected to be set at a 20% to 35% discount to the most recent estimated net asset value and dividend reinvestment price. This move comes amid concerns about risks in the $1.8 trillion private credit market and follows a challenging week for the lender. The tender offers aim to provide liquidity solutions to retail investors facing limited options due to increased redemption requests and net outflows in the BDC industry.
- https://www.tipranks.com/news/the-fly/saba-cox-plan-tender-for-three-blue-owl-business-development-companies-thefly-news – Saba Capital Management and Cox Capital Partners have disclosed their intention to commence tender offers for shares of several Blue Owl Capital business development companies (BDCs). The firms submitted initial notices to Blue Owl Capital Corporation II (OBDC II), Blue Owl Technology Income Corp. (OTIC), and Blue Owl Credit Income Corp. (OCIC). These tender offers aim to provide liquidity solutions to retail investors amid a significant increase in BDC redemption requests and multiple quarters of net outflows. The offer price is expected to be set at a 20% to 35% discount to the most recent estimated net asset value or dividend reinvestment price for each BDC, with purchases to be made exclusively in cash. Saba Capital, founded by Boaz Weinstein, specializes in credit relative value and arbitrage strategies, while Cox Capital focuses on secondary liquidity solutions for non-traded and private investments, including real estate investment trusts and interval funds. By launching these offers, the firms aim to provide a liquidity solution for investors who may otherwise be subject to redemption gates or lack an active secondary market for their shares.
- https://www.natlawreview.com/press-releases/saba-capital-and-cox-capital-partners-disclose-intention-commence-tender – Saba Capital Management and Cox Capital Partners have disclosed their intention to commence tender offers for shares of several Blue Owl Capital business development companies (BDCs). The firms submitted initial notices to Blue Owl Capital Corporation II (OBDC II), Blue Owl Technology Income Corp. (OTIC), and Blue Owl Credit Income Corp. (OCIC). These tender offers aim to provide liquidity solutions to retail investors amid a significant increase in BDC redemption requests and multiple quarters of net outflows. The offer price is expected to be set at a 20% to 35% discount to the most recent estimated net asset value or dividend reinvestment price for each BDC, with purchases to be made exclusively in cash. Saba Capital, founded by Boaz Weinstein, specializes in credit relative value and arbitrage strategies, while Cox Capital focuses on secondary liquidity solutions for non-traded and private investments, including real estate investment trusts and interval funds. By launching these offers, the firms aim to provide a liquidity solution for investors who may otherwise be subject to redemption gates or lack an active secondary market for their shares.
- https://www.streetinsider.com/Hot%2BCorp.%2BNews/Saba%2BCapital%2Band%2BCox%2BPartners%2Bplan%2Btender%2Boffers%2Bfor%2BBlue%2BOwl%2BBDC%2Bshares/26035223.html – Saba Capital Management and Cox Capital Partners have disclosed their intention to commence tender offers for shares of several Blue Owl Capital business development companies (BDCs). The firms submitted initial notices to Blue Owl Capital Corporation II (OBDC II), Blue Owl Technology Income Corp. (OTIC), and Blue Owl Credit Income Corp. (OCIC). These tender offers aim to provide liquidity solutions to retail investors amid a significant increase in BDC redemption requests and multiple quarters of net outflows. The offer price is expected to be set at a 20% to 35% discount to the most recent estimated net asset value or dividend reinvestment price for each BDC, with purchases to be made exclusively in cash. Saba Capital, founded by Boaz Weinstein, specializes in credit relative value and arbitrage strategies, while Cox Capital focuses on secondary liquidity solutions for non-traded and private investments, including real estate investment trusts and interval funds. By launching these offers, the firms aim to provide a liquidity solution for investors who may otherwise be subject to redemption gates or lack an active secondary market for their shares.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article was published on February 23, 2026, and reports on events that occurred on February 17, 2026. The earliest known publication date of similar content is February 20, 2026, indicating that the narrative is relatively fresh. However, the article relies on information from a press release, which typically warrants a high freshness score. No significant discrepancies in figures, dates, or quotes were found. The content does not appear to be recycled from low-quality sites or clickbait networks.
Quotes check
Score:
7
Notes:
The article includes direct quotes from Saba Capital Management and Cox Capital Partners. These quotes are consistent with those found in other reputable sources, such as Bloomberg Law and TipRanks. However, the exact earliest known usage of these quotes cannot be determined, raising concerns about their originality. Without independent verification of the quotes, the score is reduced.
Source reliability
Score:
6
Notes:
The article originates from AltsWire, a niche publication focusing on alternative investments. While it provides detailed information, the source’s reach and reputation are limited compared to major news organisations. The article does not appear to be summarising or aggregating content from other publications. However, the reliance on a press release and the lack of independent verification of quotes raise concerns about the source’s reliability.
Plausibility check
Score:
7
Notes:
The claims made in the article align with industry trends, such as increased redemption requests and limited liquidity in non-traded BDCs. The proposed tender offers by Saba Capital and Cox Capital are plausible and have been reported by other reputable outlets. However, the article lacks supporting detail from other reputable sources, and the reliance on a press release without independent verification raises questions about the accuracy of the claims.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article presents information about Saba Capital and Cox Capital’s planned tender offers for Blue Owl BDCs, which aligns with industry trends and has been reported by other reputable outlets. However, the reliance on a press release without independent verification of quotes and the lack of supporting detail from other reputable sources raise significant concerns about the accuracy and reliability of the information. The source’s limited reach and the inability to independently verify the quotes further diminish the credibility of the content.